After the much needed rate overhaul in the ongoing Goods and Services Tax (GST) structure, there have been a slew of changes in the deadlines for filing returns, product categories and late filing charges. The GST Council had reshaped the 28 per cent tax bracket, leaving just 50 items (which is only sin and luxury goods) under it.
Traders’ body Confederation Of All India Traders (CAIT) lauded the move and said that it will be a game changer in simplifying the tax regime and encourage its wider adoption.
These are the revised changes in the new tax structure that you must know:
Due dates for filing GSTR-1
Small taxpayers (with annual aggregate turnover up to Rs 1.5 crore) can file the returns on a quarterly basis:
July-September: December 31, 2017
October-December: February 15, 2018
January-March: April 30, 2018
For those with annual turnover over Rs 1.5 crore, the returns need to be filed monthly:
July-October: December 31, 2017
November: January 10, 2018
December: February 10, 2018
January: March 10, 2018
February: April 10, 2018
March: May 10, 2018
GSTR-2 and GSTR-3: The time schedule for filing these return between July 2017 and March 2018 will be notified.
GSTR-3B: Taxpayers are required to file this along with the payment of tax by 20th of the succeeding month till March 2018. Amendment facility for GSTR-3B to those who have submitted the return but not filed it will be provided soon.
Late filing charges
No late fee for the months of July, August and September. But, if the fine was paid then it will be returned back. From October onwards, the late fee will be deducted, however, the charges have been reduced.
* Taxpayers with nil liability for the concerned month: Rs 20 per day (Rs 10 per day each under CGST and SGST)
* For others: Rs 50 per day
Revised due date for GST Input Tax Credit (ITC-04) during July-September: December 31, 2017
GSTR-4 (July-September): December 24, 2017
GSTR-5 and GSTR-5A (July): December 11, 2017 and December 15, 2017
GSTR-6 (July): December 31, 2017